Money Laundering Regulations

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the “Regulations”)

In accordance with the above regulations we are required to identify buyers, bidders and payers. We will therefore require information and documentation for verification purposes. We may in addition request documentary evidence via third party electronic identification verification. The searches will be conducted on all the parties related to the purchase as is required by the legislation. Failure to establish evidence of identity will deem the registration incomplete and therefore considered to be null and void. A photocopy will be taken as part of the auction control process for our records in order to comply our bidder identification procedures and in accordance with RICS Best Practice guidelines on bidder identity verification.

IMPORTANT NOTES:

  • Any ID presented in the Auction room must be original documents and must be current.
  • Where requested you must provide ID from List A and from List B below

List A

Proof of ID

Passport

Driving Licence

EEA member state identity card

List B

Proof of Address - must have been issued in the last 3 months

Utility bill (not mobile)

Council tax bill

Bank statement (excluding credit card statements)

Home/motor insurance certificate

Remote Bidders:

All ID’s should be certified copies of the originals.

Agent/representative:

If you bid as agent or representative for the buyer, you will need to provide us with written evidence of your authority to

act in such capacity.

If Payee of Deposit is different to the Buyer:

You have to confirm your relationship with the bidder/buyer and the funds provider.

You must also provide ID from List A & B above

WHO ARE YOU?

ID RQUIRED

BIDDER

  • ID relating to the buyer from List A & B
  • If you are acting as agent for the buyer, written proof of your authority to act as agent together with ID from List A & B

BIDDER

INDIVIDUAL BUYER

JOINT BUYER – for each buyer

  • ID relating to the buyer(s) from List A & B

BIDDER

INDIVIDUAL BUYER

JOINT BUYER – for each buyer

  • ID relating to the buyer(s) from List A & B

BIDDER

INDIVIDUAL BUYER

JOINT BUYER – for each buyer

  • ID relating to the buyer(s) from List A & B

Trust

  • Trust deed
  • List of trustees
  • List of beneficiaries
  • Individual ID from List A & B for all individuals with a vested interest in 25% or more of the capital and/or those who exercise control over the Trust
  • Any personal data obtained for the purposes of complying with money laundering regulations may only be processed for the purposes of preventing money laundering or terrorist financing.
  • We usually keep files and papers relating to client matters for six years from the date we cease to work on that matter, after which we may dispose of them, as we reasonably consider appropriate, and in accordance with current Data Protection Regulations.
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